KBC Bank Ireland / ESRI Consumer Sentiment Survey
Consumer spending is an important element of economic activity. The National Income and Expenditure Accounts (2009) show that in 2009 the value of personal consumption accounted for about two thirds of Irish GNP. Trends in this component are therefore very important for forecasting and planning. In the US, measures of consumer confidence by the University of Michigan and the Conference Board receive much attention, both domestically within the US but also internationally.
Such indicators have a broader use than solely as an input to model based forecasts. They provide some barometer of consumer sentiment and thus are an additional piece of information that may be used by those analysing, or interested in, the health of the economy. The KBC Bank Ireland/ESRI Index of consumer sentiment aims to fill the existing gap in information on the consumer sector. The Index uses monthly data collected by the ESRI and is constructed using a methodology based on international best practice.
For further information contact:
Austin Hughes, Chief Economist, KBC Bank Ireland 01 664 6892
David Duffy, Economist, ESRI (01) 863 2000 www.esri.ie